Foreign companies get 30 percent of Lithuania's defense budget, and 70 percent return to Lithuanian economy, according to National Defense Minister Raimundas Karoblis who introduced lawmakers last week to national defense funding figures for the next year.
© DELFI / Domantas Pipas

The major part of Lithuania's defense budget goes abroad to pay for arms and military equipment. And the lion's share of the amount staying in Lithuania is spent on personnel.

"Currently, the sums spent abroad are quite big as our arms producers have limited capacities. We try to cooperate with the local industry as much as possible for a major part of expenses to remain in Lithuania once major acquisitions are planned," Karoblis told the parliamentary Committee on National Security and Defense.

Lithuania's most expensive acquisition is german infantry fighting vehicles with Israeli-made turrets. The deal is valued at 386 million euros. Lithuania will also spend over 100 million euros on Norwegian medium-range air defense systems.

Lithuania's defense budget is set to grow 75 million euros to 948 million euros next year.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
Įvertink šį straipnį
Norėdami tobulėti, suteikiame jums galimybę įvertinti skaitomą DELFI turinį.
  • 1
  • 2
  • 3
  • 4
  • 5
(0 žmonių įvertino)
0
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Wellness start-up Urban establishes development office in Lithuania

Urban was founded in 2014 by Jack Tang and Giles Williams to provide easy and affordable access to...

Profits in Lithuanian banking sector highest since 2007 (1)

Lithuanian banks and branches of foreign banks in Lithuania earned almost 358 million euros (406...

Alternative lending in Baltics is taking market share from traditional banks and credit unions

In the ever-growing European alternative finance market, Lithuania - together with other Baltic...

Global supplier to mobility industry to open shared service centre in Lithuania

Dana Incorporated, a world leader in highly engineered solutions for improving the efficiency,...

Lithuanian organizations join forces to manage fintech risks

Nine Lithuanian entities agreed on Monday to cooperate in managing risks in the financial technology...